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Rolf Eckrodt Steps Down as President and CEO of Mitsubishi Motors

27 April, 2004

Mitsubishi Motors Corporation announced that Rolf Eckrodt has stepped down as the company's CEO and president effective as of today.

MMC will appoint a new president, representative director, soon. Until this appointment, Keiichiro Hashimoto, board member and chief financial officer, will oversee ongoing business as interim acting president. Eckrodt had joined MMC in January 2001 as Chief Operating Officer in charge of MMC's passenger car operations. On June 25, 2002, Eckrodt was elected president and CEO of MMC, a position he held until today. During his tenure Eckrodt oversaw the successful implementation of various restructuring measures and far-reaching business reforms, the spin-off of the company's truck and bus operations as well as a significant improvement of the operational business in all regions except North America.

Commenting on the timing for his resignation, Eckrodt pointed to the "decision of the Supervisory Board of DaimlerChrysler neither to participate in a capital increase nor to grant further financial support to Mitsubishi Motors Corporation, which was announced last Thursday." "I strongly welcome the quick decision of Mitsubishi Heavy Industries, Mitsubishi Corporation and Bank of Tokyo-Mitsubishi not only to offer financial support but also to actively work with Mitsubishi Motors Corporation on a new mid-term business plan as announced last Friday. Based on my sense of responsibility, I therefore decided to make way for the new team around future chairman Okazaki," Eckrodt said. "The business revitalization team headed by Mr. Okazaki will work out this plan within the next month based on various essential steps that have already been analysed and evaluated by MMC so far."

Eckrodt also stated "I wish that MMC and especially its many motivated and excellent employees will continue the numerous positive processes initiated. I hope that the support from the shareholders' side will ensure a prosperous and successful future not only of MMC, but in the same degree also to our domestic and international business partners, and of course most importantly to our customers."

By today's step, Eckrodt, 61, will also retire from a 38-year full-time career in the automotive business, which he started at Daimler-Benz (today DaimlerChrysler) in 1966. Upon the wish of Mitsubishi group companies, Eckrodt will remain available to provide support for MMC.

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